Luna Innovations Incorporated (NASDAQ:LUNA) Sees Significant Growth in Short Interest

Luna Innovations Incorporated (NASDAQ:LUNA) was the recipient of a significant growth in short interest in August. As of August 31st, there was short interest totalling 46,800 shares, a growth of 142.5% from the July 31st total of 19,300 shares. Currently, 0.2% of the shares of the stock are short sold. Based on an average daily trading volume, of 135,400 shares, the short-interest ratio is currently 0.3 days.

In other Luna Innovations news, major shareholder Clinic Carilion sold 20,135 shares of the business’s stock in a transaction on Wednesday, July 17th. The shares were sold at an average price of $5.02, for a total transaction of $101,077.70. Following the sale, the insider now owns 2,147,030 shares of the company’s stock, valued at $10,778,090.60. The transaction was disclosed in a legal filing with the SEC, which is accessible through this link. Insiders sold 1,040,246 shares of company stock worth $6,099,772 in the last 90 days. Company insiders own 11.20% of the company’s stock.

Several institutional investors have recently modified their holdings of LUNA. Deutsche Bank AG increased its holdings in Luna Innovations by 12,592.3% in the fourth quarter. Deutsche Bank AG now owns 9,900 shares of the scientific and technical instruments company’s stock valued at $33,000 after purchasing an additional 9,822 shares during the period. Connor Clark & Lunn Investment Management Ltd. acquired a new position in Luna Innovations during the 1st quarter worth about $47,000. Wells Fargo & Company MN grew its position in shares of Luna Innovations by 818.7% in the 2nd quarter. Wells Fargo & Company MN now owns 22,968 shares of the scientific and technical instruments company’s stock valued at $103,000 after buying an additional 20,468 shares during the last quarter. Punch & Associates Investment Management Inc. bought a new stake in shares of Luna Innovations in the 1st quarter valued at about $417,000. Finally, Alambic Investment Management L.P. increased its stake in shares of Luna Innovations by 2.0% in the second quarter. Alambic Investment Management L.P. now owns 101,890 shares of the scientific and technical instruments company’s stock valued at $459,000 after buying an additional 2,000 shares during the period. 24.01% of the stock is currently owned by institutional investors.

NASDAQ:LUNA traded up $0.07 during mid-day trading on Wednesday, hitting $5.92. 289,596 shares of the company’s stock were exchanged, compared to its average volume of 139,334. Luna Innovations has a fifty-two week low of $2.68 and a fifty-two week high of $6.90. The firm has a market capitalization of $166.51 million, a P/E ratio of 148.00 and a beta of 0.72. The company has a 50 day simple moving average of $5.73 and a 200-day simple moving average of $4.63.

Luna Innovations (NASDAQ:LUNA) last announced its quarterly earnings results on Wednesday, August 7th. The scientific and technical instruments company reported $0.02 earnings per share (EPS) for the quarter. The firm had revenue of $17.81 million during the quarter, compared to analysts’ expectations of $15.62 million. Luna Innovations had a net margin of 20.67% and a return on equity of 4.97%. On average, analysts forecast that Luna Innovations will post 0.15 earnings per share for the current year.

Several research firms recently weighed in on LUNA. Northland Securities raised Luna Innovations from a “market perform” rating to an “outperform” rating and set a $6.00 price objective on the stock in a report on Thursday, August 8th. ValuEngine cut Luna Innovations from a “buy” rating to a “hold” rating in a report on Thursday, August 8th. TheStreet upgraded Luna Innovations from a “c+” rating to a “b” rating in a research report on Wednesday, August 14th. Finally, Zacks Investment Research upgraded Luna Innovations from a “hold” rating to a “strong-buy” rating and set a $6.75 target price for the company in a research report on Thursday, August 15th. One research analyst has rated the stock with a hold rating, three have given a buy rating and one has given a strong buy rating to the company. The company presently has an average rating of “Buy” and a consensus target price of $5.92.

About Luna Innovations

Luna Innovations Incorporated develops, manufactures, and markets fiber optic sensing, and test and measurement products worldwide. It operates in two segments, Products and Licensing, and Technology Development. The Products and Licensing segment offers fiber optic sensing products, as well as test and measurement products to monitor the integrity of fiber optic network components and sub-assemblies, which include optical vector analyzer, optical backscatter reflectometers, and the Phoenix family of tunable lasers; and distributed sensing systems comprising optical distributed sensor interrogator sensing solution with multiple sensors whose inputs are integrated through a fiber optic network and software.

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